Bitcoin’s Rally Sends Bitcoin Spot ETFs Soaring

The latest Bitcoin rally has sent U.S. Bitcoin spot exchange-traded funds (ETFs) soaring. The asset class recently hit a new milestone, reaching $100 billion in assets amid Bitcoin’s price surge.

At $105.91 billion in total assets held, Bitcoin Spot ETFs are closing in on Gold ETFs and are on track to surpass them before the year ends.

The Race To Surpass Gold ETFs

Bitcoin Spot ETFs set a new milestone today, hitting $105.91 billion in total assets held after a recent Bitcoin price surge. They are now edging closer to Gold ETFs, which have approximately $120 billion in assets. Their performance is nothing short of impressive, considering they only launched eleven months ago, while the first gold ETF was issued on March 28, 2003.

“Speaking of ‘100’ milestones, the US bitcoin ETFs hit $100b in assets (although more like $104b given the price surge overnight) with/ YTD flows flirting with $30b (double our estimate). They're now 97% of way to passing Satoshi as biggest holder and 82% of way to passing gold ETFs,” Eric Balchunas, a senior ETF analyst at Bloomberg, commented in a post on X.

Bitcoin: The Catalyst

Bitcoin has been experiencing massive price surges in the crypto market since the U.S. presidential elections. It hit $99,000 earlier today, setting a new all-time high and bringing its market cap closer to $2 trillion.

The total crypto market value has also increased following Bitcoin’s rally, reaching an all-time high market cap of $3.3 trillion.

Interest in Bitcoin spot ETFs surged after the U.S. presidential election. Blackrock’s Bitcoin ETF (IBIT) recorded its highest-ever trading volume on Nov. 6, bringing in $4.1 billion in inflows. The next day, it did $1.1 billion.

IBIT will be critical if Bitcoin Spot ETFs are to surpass Gold ETFs. It’s the highest-ranked Bitcoin ETF, holding $45,385.17 worth of assets.